in the know

Our 8 point buying process..

Moving house can be a stressful time, but as we aim to make your move as smooth as possible. This step-by-step guide offers helpful hints through the process of buying your next home.

1. Arranging your mortgage

Before you begin your property search, it is advisable to arrange your finances and, if required, have a mortgage agreed in principle. This will confirm how much money you will have to fund the purchase, which will ultimately influence your property search. We have a number of financial advisors who can help find the right mortgage for you.

2. Making an offer

Once you have identified a suitable property, we will put your offer forward to the seller both verbally and in writing stating any special conditions of the offer. You may need to demonstrate, if requested, that you are able to proceed (e.g. provide evidence of your mortgage agreed in principle). There are no legal obligations on either side until contracts are signed.

3. Offer agreed

Once your offer is accepted we will do the following:

• Prepare a memorandum of sale

•Write to all parties to confirm the agreed price

•Ask you to confirm your solicitor’s and mortgage broker’s details

•You will now need to instruct a solicitor to proceed with the conveyancing process and your mortgage broker to proceed with your application.

4. Instructing a solicitor

The successful purchase of a property can be reliant on the instruction of an efficient and experienced solicitor. It is a good idea to use a solicitor who knows the area that you’re moving to and specialises in conveyancing.

We have a selection of tried and tested solicitors that are experts in property who we would be happy to recommend.

5. Conveyancing

As part of the conveyancing process your solicitor will do the following:

•Raise any enquiries on receipt of the draft contract from the seller’s solicitor

• Request their own local searches

• Agree on a date for exchange of contracts

We will assist your solicitor and negotiate
throughout the process, keeping you informed
every step of the way.

6. Survey and mortgage offer

A survey of the property will be booked by a surveyor on behalf of the mortgage lender to identify any structural problems and advise on the property’s value.

After the mortgage valuation report is received, a formal mortgage offer will be sent to you and your solicitor which you will need to sign before it is returned. There are no legal obligations until contracts are signed.

7. Exchange of contracts

Exchange of contracts occurs when all enquiries have been confirmed and agreed.

Once the contract has been signed by both parties the deposit (usually 10% of the purchase price) will be transferred from your solicitor to the seller’s solicitor. The completion date is then set by mutual agreement.

8. Completion

Completion is when the residual monies (usually 90%) are transferred from your solicitor to the seller’s solicitor’s account.

We will release the keys once the money has cleared in the seller’s account.

Eddie’s guide to the buying process – Friday 19th January 2024. (Image used of Ryan, Eddie and Mark).